Addressing a group of officials, Tayebnia said that as a result of harsh oil price decline, Iran's 120 billion dollar oil income in the Iranian calendar year of 1390 (2011-12) fell to 30 billion dollars in the Iranian calendar year of 1394 (2015-16).
It was the most severe and longest oil shock throughout history as the IMF admitted, leading to 50 percent depreciation of Russian currency value, Saudi Arabia's diverting 100 billion dollars out of its forex deposits and distribution of contribution bonds by the rich Qatar state as well as deployment of military forces in Venezuela to prevent price hike as a result of escalation of crisis.
At the same time, the Islamic Republic of Iran managed to continuously lower rate of inflation and keep the coefficient of economic growth positive thanks to the wise guidelines of the Supreme Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei and management of the Government of Hope and Prudence.
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